Bharat Interface for Money or as it’s more commonly known, BHIM, has now received an upgraded version called BHIM UPI 2.0 with several new features. In the wake of demonetisation, UPI has been gaining popularity as an easier alternative to cash transactions, consequently paving way for a ‘digital India’.
Most of the top banks in India such as ICICI Bank, IDBI Bank, RBL Bank and YES Bank are members of BHIM UPI.
BHIM UPI 2.0: What’s new?
BHIM UPI 2.0 was unveiled by the National Payments Corporation of India (NPCI), which is an umbrella organisation facilitating UPI money transfers in the country. With new 2.0 update, customers can now link their overdraft (OD) account with BHIM, as opposed to earlier when only fixed and savings account could be linked to BHIM.
Another new feature that has been added is the Invoice to Inbox feature, wherein the user will get the credentials of the merchant to verify for authenticity before the payment is made. This functionality is only available for invoices of verified merchants for the time being.
Third is a feature that allows the BHIM user to check the merchant’s credentials using a QR code.
And finally, there is a new One Time Mandate feature, which allows users to schedule a payment for later after making a commitment at present. The UPI mandate feature can be executed one time only.
Since its launch in April 2016, BHIM has become the most popular money transfer method as per the NPCI. In July alone BHIM recorded 235 million transactions worth Rs 45,845 crore.